Chapter 3 Review (3 pages)

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Chapter 3 Review



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Chapter 3 Review

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Lecture number:
7
Pages:
3
Type:
Lecture Note
School:
University of Arizona
Course:
Acct 200 - Introduction to Financial Accounting
Edition:
1

Unformatted text preview:

ACCT 200 1st Edition Lecture 7 Outline of Last Lecture I Brief Exercise 3 3 II Chapter 3 Notes III Brief Exercise 3 6 IV Brief Exercise 3 10 V Brief Exercise 3 11 VI Brief Exercise 3 12 VII Brief Exercise 3 13 VIII Exercise 3 13 Outline of Current Lecture I Review of activity 2 answers II Classified balance sheet III Review of adjusting journal entries IV E 3 14 a b V Closing entries Current Lecture Part 1 Debits will increase assets decrease liabilities decrease common stock decrease retained earnings decrease revenues increase expenses increase dividends Credits will decrease assets increase liabilities increase common stock increase retained earnings increase revenues decrease expenses decrease dividends Part 2 1 2 3 4 5 Cash dr 2000 common stock cr 2000 Acct receivable dr 4000 service revenue cr 4000 Cash dr 2000 unearned revenue cr 2000 Supplies dr 1000 acct payable cr 1000 Dividends dr 3000 cash cr 3000 Part 3 a Assets not change or increase and decrease Liabilities not change Equity not change b Assets decrease Liabilities not change Equity decrease c Assets increase Liabilities increase Equity not change Part 4 Cash balance sheet dr Revenues income statement cr Accounts payable balance sheet cr Inventory balance sheet dr Unearned revenue balance sheet cr Insurance expense income statement dr Wages expense income statement dr Prepaid insurance balance sheet dr Long term notes payable balance sheet cr Common stock balance sheet and statement of stockholders equity cr Classified Balance Sheet Use convert to cash within 12 months current asset Pay within 12 months current liability If it s not current then it s long term Have certain subtotals Total current assets Net property plant and equipment Total assets Total current liabilities Total liabilities Total equity Total liabilities and equity Review of adjusting journal entries Prepaid expenses supplies prepaid insurance prepaid rent Original entry dr prepaid insurance cr cash Adjusting entry dr insurance exp



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